Hungary Industry June 2018

Hungary: Industrial production growth loses steam in June

August 7, 2018

According to preliminary data released by the Hungarian Central Statistical Office (KSH) on 7 August, industrial output rose a working-day adjusted 3.1% year-on-year in June, below the 3.8% increase recorded in May.

In month-on-month seasonally- and working-day adjusted terms, industrial production contracted 1.2% in June, strongly contrasting the 1.8% rise recorded in May.

Meanwhile, annual average growth in industrial production declined from 4.8% in May to 4.4% in June.

A second estimate will be released on 13 August.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 5.8% in 2018, which is up 0.2 percentage points from last month’s projection. For 2019, the panel sees industrial output expanding 5.3%.

At its latest monetary policy meeting held on 24 July, the Monetary Council of the Hungarian National Bank (MNB) decided to leave the base rate unchanged at its current record low of 0.90%, while also holding steady all other monetary policy instruments.

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